India's exports up 6.16 pc in January; trade deficit narrows to USD 14.54 billion

Aside from the exports, the trade deficit for January 2021 was estimated at USD 14.54 billion.

India's exports in January 2021 were USD 27.45 billion, as compared to USD 25.85 billion in January 2020, exhibiting a positive growth of 6.16 per cent, said Union Ministry of Commerce and Industry informed on Monday.

India sent $755 million more in exports to the US during the first half of this year as a result of the trade war waged by President Donald Trump against China, according to the trade arm of the UN. (Bloomberg)

"In Rupee terms, exports were Rs. 2,00,661.11 crore in January 2021, as compared to ₹1,84,369.73 crore in January 2020, registering a positive growth of 8.84 per cent," the commerce ministry release said.

Aside from the exports, the trade deficit for January 2021 was estimated at USD 14.54 billion as against the deficit of USD 15.30 billion in January 2020, which is a decrease of (-) 4.95 per cent

India's imports also grew for the second straight month, signifying recovery in domestic demand. "Imports in January 2021 were USD 41.99 billion (Rs.3,06,951.56 crore), which is an increase of 2.03 per cent in dollar terms and 4.60 per cent in Rupee terms over imports of USD 41.15 billion ( ₹2,93,452.69Crore) in January 2020," the release said.

"Cumulative value of imports for the period April-January 2020-21 was USD300.26 billion ( ₹22,29,742.05 crore), as against USD 405.33 billion ( ₹28,55,992.59 crore) during the period April-January 2019-20, registering a negative growth of (-) 25.92 per cent in Dollar terms and negative growth of (-) 21.93 per cent in Rupee terms," the release further said.

Taking merchandise and services together, overall trade deficit for April-January 2020-21is estimated at USD1.87 billion as compared to the deficit of USD72.40 billion in April-January 2019-20, the ministry said.

Non-petroleum and Non-Gems and Jewellery exports in January 2021 were USD 22.44 billion, as compared to USD19.79 billion in January 2020, registering a positive growth of 13.40 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-January 2020-21 were USD 188.77 billion, as compared to USD 197.94 billion for the corresponding period in 2019-20, which is a decrease of (-) 4.63 per cent.

Oil imports in January 2021 were USD 9.40 billion (Rs. 68,743.95 crore), which was 27.72 per cent lower in Dollar terms (25.90 per cent lower in Rupee terms), compared to USD 13.01 billion (Rs. 92,773.42 crore) in January 2020.

The release said that oil imports in April-January 2020-21 were USD 63.09 billion ( ₹4,68,720.80 crore) which was 42.50 per cent lower in Dollar terms (39.39 per cent lower in Rupee terms) compared to USD 109.72 billion ( ₹7,73,394.28 crore), over the same period last year.